There is no way that the owners of a vibrant, sector leading company like Phase One would sell off 60% control of the company in order to raise capital for business expansion. They sold off 60% in order to take part of their chips off the table. The owners, I am sure, are very bright, industrious people who love what they do and make a very nice living, but are not personally wealthy beyond the value of the company they built. It came to the point in the life cycle of their company and the future risks in the marketplace for medium format digital where it made sense to diversify their own economic positions. At a certain point, it becomes crazy as a financial matter to have all of your financial wealth tied up in the stock of any company, never mind one like Phase One that is in an intensely competitive and risky sector. We do not have to reiterate the litany of failures in the photographic marketplace in the last 10 years.
This transaction does not, IMO, change anything (other than the fact the Phase One owners can now afford the prices of Phase One cameras and backs). The people who built Phase One are still there running it and, with a continuing stock ownership stake of 40%, they are still highly motivated to make the company succeed.
Not all VC investments are as you describe. Certainly some are, but others are mechanism to infuse capital for growth and expansion and are conditioned on most of the money staying with the company ... the owners money comes back in often secured by preferred stock other arrangements. Reading the press release I get the sense this could be going on. It specifically states two things which are indicative of this type of investment.
"High-end medium format digital camera business Phase One has closed an undisclosed funding round so that it can finance new product launches as well as further marketing and possible acquisitions."
and
"Joining Silverfleet in the deal are the existing management team, who are forfeiting a majority stake in the business but also reinvesting their own money for a 'substantial' minority stake."
this implies the money is being left in the company. I would assume the PhaseOne team thinks they have something which would be worthwhile to them, owning 40% of a larger company is better than 100% of the current company.
I'm sure it's a combination, surely they were able to pull some of the money out for themselves, but it could be deal revolved around their willingness to reinvest in their own company by leaving most of the money in to " finance new product launches as well as further marketing and possible acquisitions."
However, who knows ... could be all spin by whoever wrote the press release. Even the owners probably aren't willing to divulge the details and indeed it could be either scenario. We'll know in the future, if we see no real changes at PhaseOne then maybe they are just diversifying and reducing risk. Not necessarily bad but if it is leveraged the debt the company gets saddled with can devour it over time.
Hoping for the best ...